The short version
All five charge $0 to send and $0 to receive an Interac e-Transfer on a personal account, with no monthly account fee. On fees alone, there is nothing to compare.
The real differences are how much you can send (EQ Bank $5,000 a transfer; Wealthsimple adjustable to $25,000 a day) and how often (Neo stops at 50 sends a month).
Fees side by side
| Bank | Send | Receive | Sends/month |
|---|---|---|---|
| EQ Bank | Free | Free | Unlimited |
| Simplii Financial | Free | Free | Unlimited |
| Wealthsimple | Free | Free | Unlimited |
| Neo | Free | Free | 50 |
| Tangerine | Free | Free | Unlimited |
That table is the least interesting one on this page, and that is the point. Fee competition among Canadian digital banks finished years ago — everyone landed on free. Choosing between them on e-Transfer cost is choosing between five zeroes.
Limits side by side
This is where they separate. Same price, materially different capability:
| Bank | Per transfer | Per day | Per month |
|---|---|---|---|
| EQ Bank | $5,000 | $5,000 | $50,000 |
| Simplii Financial | $3,000 | $3,000 | $30,000 |
| Wealthsimple | — | $5,000 | $30,000 |
| Neo | $3,000 | $5,000 | $20,000 |
| Tangerine | $3,000 | $3,000 | $20,000 |
Two figures in that table need an asterisk. Wealthsimple's is a default you can raise yourself in-app, up to $25,000 a day — no phone call, no waiting. Neo's is the floor of a band that runs to $15,000 per transaction, but your position in that band is assigned to you and cannot be requested.
Which one to pick
If you send large amounts: Wealthsimple
It is the only one that hands you the dial. Raising your limit to $25,000 a day takes a few taps and no conversation with anyone. Nothing else in Canada, digital or traditional, works that way — RBC refuses to move its limit at all.
If you want a high number you can rely on: EQ Bank
$5,000 per transfer and $50,000 a month, published, flat, identical for every customer. No band, no adjustment, no discovery process. EQ Bank is also the only one of the five with a genuine business account, at $10,000 per transfer.
If you send many small transfers: not Neo
The 50-send monthly cap is the one hard stop in this group, and it counts transfers rather than dollars. Fifty is comfortable personally and tight for a business that pays contractors or issues refunds.
If you already bank there: Simplii or Tangerine
Both sit at the conventional $3,000 per transfer — the same limit as the Big Five. Simplii and Tangerine are fine, unremarkable, and not a reason to switch on e-Transfer capability alone.
What about the Big Five?
On sending fees, the gap has closed. RBC, TD, CIBC, BMO, and Scotiabank all include free e-Transfers on standard personal chequing accounts. The difference is that they charge a monthly account fee to get there, where the digital banks do not.
Where the Big Five still charge on e-Transfers specifically: savings accounts (RBC charges $1.00 a send from savings) and cancellation fees (RBC $5.00 to reclaim after 15 days, BMO $5.00, CIBC $3.50). Every digital bank on this page cancels for free. The full picture is in e-Transfer fees by bank.
If these payments are business income
A free e-Transfer still leaves you with the bookkeeping. When client payments arrive as a list of names and amounts in a banking app, matching them to the invoices they settle is manual work that gets worse as volume grows.
Biller matches incoming e-Transfers to the invoice they pay and tracks what is still outstanding, so the ledger is built as the money arrives rather than reconstructed at year end.
Related guides
- Interac e-Transfer fees by bank
- Interac e-Transfer limits by bank
- Business e-Transfer limits by bank
- Credit union e-Transfer limits
Free tools for getting paid by e-Transfer
No account needed to try them.
- Free e-Transfer income tracker — tally your Interac income toward the $30,000 GST/HST threshold.
- Free invoice generator for Canada — build a GST/HST-ready invoice in minutes.
- Free e-Transfer receipt generator — issue a clean, CRA-friendly receipt.